It can be a rewarding and fun experience to be a homeowner, but it also means budgeting for unexpected and expensive home repairs. Some of the following are examples of expensive and unexpected home projects that you may need to be financially ready to take care of:
Minor water damage can cause just as much (or even more) damage than severe water damage from a flood. Because minor water damage can go unnoticed for a very long time, it can allow mold to form and grow. While some mold can be easily removed, it can also turn into a huge ordeal that becomes an expensive project. Without good home insurance coverage, you may have to spend approximately $3,000 per wall that is contaminated with mold, in addition to any other areas of the home that may affected with mold, such as drywall, carpet, or ceiling tiles.
How to avoid it: Mold can’t form and grow without moisture, so it is vital that you look for any leaks in your home and fix them immediately. You can also use vent fans in the kitchen and bathroom, which will prevent moisture from building up. If you do notice any mold growth, clean it immediately to prevent it from spreading.
A lot of different things can cause issues with a home’s foundation—examples include the type of soil the home was built on and drainage problems. If you have bowed basement walls, a tilting chimney, or cracks in walls or floors, these can all be signs of foundation issues. But there can be other signs that aren’t as obvious—for instance, difficulties with closing and/or opening doors and windows. Whether you have an old home or it’s a new construction, foundation problems are very expensive to fix, and can easily cost $10,000 or more to repair.
How to prevent it: There isn’t a lot that can be done to fix foundation problems if the mistakes were made during the home’s construction. Otherwise, you may be able to help prevent foundation problems from occurring later on by making sure that your home has sufficient drainage. You can do this my making sure gutters don’t get clogged up and that they stay in good condition. You should also make sure that your yard is graded correctly to ensure that water steers away, and not toward, your home.
Aside from mold, water damage can also result in rot, which can be another expensive home project to take care of. Although the cost can easily be in the thousands, this will depend on how bad the damage is and how much wood in your home you’ll need to replace.
How to prevent it: If you notice that areas in your home tend to be damp, get them repaired immediately to prevent long-term damage. If you do find rotten wood in your home, taking care of the problem as quickly as possible can help save you time and money.
Sewer line issues
Sewer line issues can happen anywhere, but are usually more of a problem in older neighborhoods. If you notice sewage smells outside your home, slow-running or gurgling drains, or recurrent backups in your plumbing system, get the issue looked at right away. Unless this is something that is covered under your home insurance policy, it can cost roughly $5,000 to $15,000 to fix.
How to prevent it: Have tree roots and clogs removed if you notice sewer issues with your home, as this may be what’s causing the problem. Doing so before the problem gets worse can help you avoid a huge expense.
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Nothing above is meant to provide financial, legal or tax advice. You should meet with appropriate professionals for such services.